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Fiscal numbers reflect return of deficits

SHARE Fiscal numbers reflect return of deficits

Highlights of President Bush's first budget, proposed last year, and how it is expected to compare to the 2003 budget he sends Congress on Feb. 4. Fiscal 2003 begins next Oct. 1:

This year: Projects $106 billion deficit for 2002, $80 billion deficit in 2003, with a $61 billion surplus emerging in 2005.

TAX CUTS:

Last year: Proposed $1.6 trillion, 10-year tax cut; $1.35 trillion was enacted.

This year: Tax cuts will be included in an anti-recession bill resembling the Republican-written $218 billion, three-year package of tax cuts and jobless benefits that stalled in the Senate.

DEBT REDUCTION:

Last year: Proposed $2 trillion in debt reduction over 10 years, the most the White House said could be achieved without driving up federal costs.

This year: Precise figure not yet known but far less and with most of it coming years from now.

SOCIAL SECURITY, MEDICARE:

Last year: Proposed setting aside surpluses generated by both programs to reduce the debt or to overhaul the programs, including creating new prescription drug benefits. No details proposed.

This year: Because deficits are back, much of both program's surpluses will be used to finance other federal programs until years from now. Will propose setting aside more than $190 billion to revamp Medicare and subsidize drugs, but without details.

OTHER SPENDING:

Last year: Proposed holding domestic and defense programs, except automatic benefits like Social Security, to $661 billion, or 4 percent growth. Proposed $44.6 billion for Department of Education; Congress approved $51.4 billion. Proposed $23 billion for biomedical research by National Institutes of Health; Congress approved $23.3 billion. Proposed $327.8 billion for Defense Department; Congress approved full amount plus more in anti-terrorism spending bill.

This year: Bush will propose $376 billion for defense; double this year's roughly $19 billion for homeland security, including defense programs; some increases for education and biomedical research. Will propose holding most other programs to overall 2 percent growth.